So if you have not already heard, on the 27th of July 2023, the Thai Supreme Administrative Court revoked the construction permit for Ashton Asoke. The already completed 6.481 billion baht project in Bangkok had about 87% or 668 of its units already transferred to property owners.
Where does this leave the development and its owners?
The short answer to this is that the development does NOT need to be demolished due to the revocation of the construction permit.
A bit of background to the case…
The court’s decision was founded on the premise that the access to and from the condominium complex, positioned on Asoke Road, was constructed on land acquired through expropriation by the Mass Rapid Transit Authority of Thailand (MRTA) specifically for the Blue Line train project. As a result, this access cannot be repurposed for other uses. Deputy Governor of Bangkok, Wisanu Subsompon, clarified that the permit’s revocation does not involve the demolition of the condominium. Instead, it necessitates that Ananda Development obtains a new construction permit from City Hall. To achieve this, the company must identify a parcel of land with a minimum width of 12 meters, dedicated to providing access to Asoke Road. It is reported that the company is offering attractive incentives to acquire adjacent land in order to meet this requirement.
Bangkok Governor, Chadchart Sittipunt, has convened a special ad hoc working committee to manage this situation. A press conference has been scheduled to provide further updates on this matter. In the interim, CEO of Ananda Development, Prasert Taedullayasatit, expressed his intention to hold separate discussions with the governors of Bangkok and MRTA. The aim is to explore ways to mitigate the impact on the condominium project and its residents.
Additionally, the company has duly informed the Stock Exchange of Thailand about these recent developments. This demonstrates the company’s commitment to keeping stakeholders informed regarding the steps taken in response to the court’s verdict. (NNT)
We will keep you updated with regard to any new development. If you are an owner of a unit at Ashton Asoke, you should already be in contact with the developer and their legal team.